TOKYO (dpa-AFX) - Sumitomo Metal Mining Co., Ltd. (S19.F, 5713.T), a Japanese mining major, reported financial results for the six months ended September 30, recording a surge in earnings year-over-year, with higher revenue. For the fiscal ending March 31, 2027, the company lowered earnings guidance, while raising the revenue estimates.
The company's earnings rose 67 percent year-over-year to ¥90.073 billion, or ¥335.02 per share, from ¥53.940 billion, or ¥198.12 per share last year.
Revenue for the period climbed 34.8 percent to ¥1.056 trillion from ¥783.361 billion year ago.
Looking ahead, the company now expects the attributable profit to total ¥161 billion, or ¥599.25 per share, down 8.7 percent year-over-year. The previous earnings estimate was ¥216 billion, or ¥803.95 per share.
As for the fiscal year revenue, Sumitomo has raised its outlook, now expecting it to be ¥2.135 trillion, an increase of 22.6 percent from the prior year. Earlier, the company had expected a full-year revenue of ¥2.06 trillion.
On the Frankfurt exchange Tuesday, Sumitomo Metal Mining was trading at €40.95, down 8.90 percent. And, on the Tokyo exchange, the company's shares closed Tuesday at ¥7,500, down 4.74 percent.
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